Equity Residential (EQR) reported its financial results for the first quarter of 2025, revealing a rental income of $760.8 million, a 4.1% increase from $730.8 million in the same quarter of 2024. The company’s net income for the quarter was $264.8 million, down from $305.0 million year-over-year, resulting in diluted earnings per share of $0.67, compared to $0.77 in the prior year. The decrease in net income was attributed to a lower net gain on property sales and increased depreciation expenses.
In terms of operational metrics, the company experienced a 3.7% increase in total net operating income (NOI), reaching $505.1 million, driven by a 1.3% rise in same-store NOI. The same-store rental income increased to $715.8 million, reflecting strong demand across most markets, particularly in New York and Washington, D.C. However, the company faced challenges in its expansion markets, where maintaining occupancy levels required increased leasing concessions.
Equity Residential's strategic developments included the completion of one consolidated apartment property in San Francisco, adding 225 units to its portfolio. The company also disposed of two consolidated rental properties and one land parcel, generating net proceeds of approximately $226.7 million. As of March 31, 2025, the company owned or had interests in 312 properties, totaling 84,648 apartment units, an increase from 311 properties and 84,249 units at the end of 2024.
The company’s balance sheet showed total assets of $20.6 billion, with total liabilities of $9.0 billion, resulting in shareholders' equity of $11.0 billion. Equity Residential maintained a strong liquidity position with approximately $2.2 billion available, bolstered by a $2.5 billion unsecured revolving credit facility. The company declared a dividend of $0.6925 per share for the first quarter, marking a 2.6% increase from the previous year.
Looking ahead, Equity Residential expressed confidence in its operational resilience despite economic uncertainties, citing favorable long-term housing trends and a solid job market. The company plans to continue leveraging its strong balance sheet to pursue growth opportunities while managing its existing portfolio effectively.
About EQUITY RESIDENTIAL
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